Up-market subdivision selling at mortgagee

Some 26 lots at the tip of Whangaparoa Peninsular have been placed on the market.

Pacific Cliffs had originally been subdivided into 38 plots ranging in price from $545,000 to $1.3 million. Twelve plots have sold since they went on the market around six years ago, leaving 26 now being sold through mortgagee sale.

The last properties in the vicinity to sell were in June last year when two went for $850,000 each.

Pacific Cliffs had been promoted as the most sought-after location within the 350 hectare Gulf Harbour suburb.

Over the past decade, the area has seen a marked rise in the number of infrastructure services – such as schools, retail outlets, as well as marine and hospitality businesses.

Access to the area has also been greatly improved, with the Penlink road project linking Whangaparoa with the Northern Motorway across the Weiti River likely to substantially reduce travelling time to Gulf Harbour. The four-lane expansion of the sole access road in and out of the harbor has also opened up the area to commuters.

REINZ recorded dwelling prices across Gulf Harbour rose 56% between 2002 and 2007.

Sections range in size from 722 square metres to 2230 square metres. The land is being marketed by Bayleys Real Estate, with tenders closing on February 27.